Almonty Announces Positive $2,875,000 Q4 EBITDA from Mining
Operations and the Filing of Its Audited Annual Consolidated Financial
Statements and MD&A for the Year Ended September 30, 2017

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN
THE UNITED STATES

Almonty Industries Inc. (“Almonty” or the “Company”) (TSX-V: AII) today
announced the filing of its audited annual consolidated financial
statements and management’s discussion & analysis for the year ended
September 30th, 2017. Unless otherwise indicated, all
currency amounts contained in this news release are expressed in
Canadian dollars.

The following financial information is for the three months and year
ended September 30th 2017 and 2016:

Gross Revenue

10,810

10,472

39,018

37,310

Mine production costs

7,935

6,939

32,349

32,505

Inventory write-down

-

5,345

-

5,345

Depreciation and amortization

1,874

2,011

6,400

8,200

Earnings (loss) from mining operations

1,001

(3,823)

269

(8,740)

General and administrative costs

3,323

2,352

9,864

9,256

Non-cash compensation costs

472

-

472

170

Earnings (loss) before the under noted items

(2,794)

(6,175)

(10,067)

(18,166)

Interest expense

502

1,044

2,436

2,709

(Gain) Loss on debt settlement

(3,015)

-

(3,015)

-

Foreign exchange (gain) loss

(1,124)

490

(1,368)

(360)

Tax provision

122

676

122

660

Net income (loss) for the period

721

(8,385)

(8,242)

(21,175)

Income (loss) per share basic

$0.00

($0.08)

($0.07)

($0.22)

Income (loss) per share diluted

$0.00

($0.08)

($0.07)

($0.22)

Dividends

-

-

-

-

Cash flows provided by (used in) operating activities

(3,337)

560

(2,888)

(4,219)

Cash flows provided by (used in) investing activities

(1,140)

(3,382)

(10,680)

(13,030)

Cash flows provided by (used in) financing activities

7,632

1,946

13,934

20,579

The following financial information is as at September 30th,
2017, and September 30th, 2016:

30-Sep-17

30-Sep-16

$'000

$'000

Cash

4,473

4,215

Restricted cash

1,300

1,336

Total assets

160,151

167,766

Bank indebtedness

9,447

4,456

Long-term debt

44,659

56,497

Shareholders’ equity

45,625

35,569

Other

Outstanding shares (‘000)

169,752

110,896

Weighted average outstanding shares (‘000)

Basic

121,553

107,871

Fully diluted

121,553

107,871

Closing share price

$0.630

$0.27

Lewis Black, Chief Executive Officer of Almonty commented, “These
results are continuing to reflect the go-forward cost structure and
production profile of Almonty as well as the benefits of Almonty’s fixed
price contracts that are currently in effect. The positive impact of the
recent improvement in the commodity price, which is now at a 3 year high
at approximately US$ 325 per MTU, continue to positively impact revenue
and earnings as prices have continually increased since July 2017.
Almonty has successfully negotiated significant increases to its fixed
price contracts commencing January 2018. The Company expects to see
income from mining operations significantly improve as a consequence of
these new fixed price contracts and the increasing tungsten price and
continuing strengthening of demand globally. My personal investment of
$6.5 million in Almonty’s common shares during this period is a
testament to my confidence in Almonty’s future and the continued
improvement of its performance. Along with my investment, Almonty has
successfully raised over $9,750,000 million over the last 12 months and
has significantly improved the balance sheet. In addition, our Q4 EBITDA
from mining operations of $2,875,000 has matched our Q3 results and has
increased significantly from $951,000 recorded in Q2. The Company’s
focus continues to be to strengthen its balance sheet and to continue
moving forward with the development of the Sangdong mine. The recent
conversion of large tranches of debt into equity, at significant
premiums to the underlying market price, has reduced the Company’s
overall debt levels and we are continuing to focus on returning the
Company’s gearing ratio to more normalized levels. The Company currently
had, as of September 2017, a 60.3% ratio which is significantly lower
since the Company announced in January 2017 the restructuring program.
The Company is pleased with its overall stock performance of 133% growth
in the 2017 year and fully expects this trend to continue as the build
out of Sangdong gets underway. We remain on track for our previously
stated timeframe. With our improved performance and stronger balance
sheet, combined with the expected financing and construction of our
Sangdong property, Almonty is well placed to remain the dominant Western
supplier of tungsten concentrate. ”

About Almonty

The principal business of Toronto, Canada-based Almonty Industries Inc.
is the mining, processing and shipping of tungsten concentrate from its
Los Santos Mine in western Spain and its Panasqueira mine in Portugal as
well as the refurbishment of its Wolfram Camp Mine in north Queensland,
Australia, the development of its Sangdong tungsten mine in Gangwon
Province, South Korea and the development of the Valtreixal tin/tungsten
project in north western Spain. The Los Santos Mine was acquired by
Almonty in September 2011 and is located approximately 50 kilometres
from Salamanca in western Spain and produces tungsten concentrate. The
Wolfram Camp Mine was acquired by Almonty in September 2014 and is
located approximately 130 kilometres west of Cairns in northern
Queensland, Australia and has produced tungsten and molybdenum
concentrate, although the Wolfram Camp Mine is not currently producing
due to ongoing refurbishment of the processing plant. The Panasqueira
mine, which has been in production since 1896, is located approximately
260 kilometres northeast of Lisbon, Portugal, was acquired in January
2016 and produces tungsten concentrate. The Sangdong mine, which was
historically one of the largest tungsten mines in the world and one of
the few long-life, high-grade tungsten deposits outside of China, was
acquired in September 2015 through the acquisition of a 100% interest in
Woulfe Mining Corp. Almonty owns 100% of the Valtreixal tin-tungsten
project in north-western Spain. Further information about Almonty’s
activities may be found at www.almonty.com
and under Almonty’s profile at www.sedar.com.

Legal Notice

The release, publication or distribution of this announcement in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

When used in this press release, the words “estimate”, “project”,
“belief”, “anticipate”, “intend”, “expect”, “plan”, “predict”, “may” or
“should” and the negative of these words or such variations thereon or
comparable terminology are intended to identify forward-looking
statements and information. These statements and information are based
on management’s beliefs, estimates and opinions on the date that
statements are made and reflect Almonty’s current expectations.

Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level
of activity, performance or achievements of Almonty to be materially
different from those expressed or implied by such forward-looking
statements, including but not limited to: any specific risks relating to
fluctuations in the price of ammonium para tungstate (“APT”) from which
the sale price of Almonty’s tungsten concentrate is derived, actual
results of mining and exploration activities, environmental, economic
and political risks of the jurisdictions in which Almonty’s operations
are located and changes in project parameters as plans continue to be
refined, forecasts and assessments relating to Almonty’s business,
credit and liquidity risks, hedging risk, competition in the mining
industry, risks related to the market price of Almonty’s shares, the
ability of Almonty to retain key management employees or procure the
services of skilled and experienced personnel, risks related to claims
and legal proceedings against Almonty and any of its operating mines,
risks relating to unknown defects and impairments, risks related to the
adequacy of internal control over financial reporting, risks related to
governmental regulations, including environmental regulations, risks
related to international operations of Almonty, risks relating to
exploration, development and operations at Almonty’s tungsten mines, the
ability of Almonty to obtain and maintain necessary permits, the ability
of Almonty to comply with applicable laws, regulations and permitting
requirements, lack of suitable infrastructure and employees to support
Almonty’s mining operations, uncertainty in the accuracy of mineral
reserves and mineral resources estimates, production estimates from
Almonty’s mining operations, inability to replace and expand mineral
reserves, uncertainties related to title and indigenous rights with
respect to mineral properties owned directly or indirectly by Almonty,
the ability of Almonty to obtain adequate financing, the ability of
Almonty to complete permitting, construction, development and expansion,
challenges related to global financial conditions, risks related to
future sales or issuance of equity securities, differences in the
interpretation or application of tax laws and regulations or accounting
policies and rules and acceptance of the TSX-V of the listing of Almonty
shares on the TSX-V.

Forward-looking statements are based on assumptions management believes
to be reasonable, including but not limited to, no material adverse
change in the market price of ammonium para tungstate (APT), the
continuing ability to fund or obtain funding for outstanding
commitments, expectations regarding the resolution of legal and tax
matters, no negative change to applicable laws, the ability to secure
local contractors, employees and assistance as and when required and on
reasonable terms, and such other assumptions and factors as are set out
herein. Although Almonty has attempted to identify important factors
that could cause actual results, level of activity, performance or
achievements to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results, level of activity, performance or achievements not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate and even if events
or results described in the forward-looking statements are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, Almonty. Accordingly,
readers should not place undue reliance on forward-looking statements
and are cautioned that actual outcomes may vary.

Investors are cautioned against attributing undue certainty to
forward-looking statements. Almonty cautions that the foregoing list of
material factors is not exhaustive. When relying on Almonty’s
forward-looking statements and information to make decisions, investors
and others should carefully consider the foregoing factors and other
uncertainties and potential events.

Almonty has also assumed that material factors will not cause any
forward-looking statements and information to differ materially from
actual results or events. However, the list of these factors is not
exhaustive and is subject to change and there can be no assurance that
such assumptions will reflect the actual outcome of such items or
factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE
REPRESENTS THE EXPECTATIONS OF ALMONTY AS OF THE DATE OF THIS PRESS
RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS
SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND
SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE
ALMONTY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION
AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE
LAWS.